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Equity Actions

PERF

Perfect Corp (NASDAQ:PERF) shares surged after announcing a tender offer to purchase up to 16.13 million shares at $3.10 each, above the current share price, with a maximum aggregate purchase price of $50 million. The company will use its cash and equivalents to fund the offer. Shareholders can indicate the number of shares they wish to tender, subject to proration if oversubscribed. Perfect Corp specializes in augmented reality and AI SaaS solutions for the beauty and fashion industries.

Portfolio Pulse from Adam Eckert

November 27, 2023 | 2:22 pm

APT

The board of Alpha Pro Tech has authorized a $2 million expansion of its share repurchase program, signaling confidence in the company's financial health and potentially aiming to increase shareholder value by reducing the number of shares outstanding.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 2:07 pm

KHC

The Kraft Heinz Company (NASDAQ:KHC) has announced a share repurchase program authorized by its Board of Directors. The program allows for the repurchase of up to $3 billion of the company's outstanding common stock through December 26, 2026. The repurchases will be funded with excess cash and are part of a capital allocation strategy that includes capital spending, dividend payments, maintaining a targeted Net Leverage of approximately 3.0x, and evaluating strategic opportunities. CEO Miguel Patricio emphasized the company's strong balance sheet and the attractiveness of its shares as an investment opportunity. The repurchase program is flexible and may be adjusted, suspended, or discontinued depending on various factors, including market conditions and stock price.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 1:48 pm

KHC

The Kraft Heinz Company's Board of Directors has approved a share repurchase program that allows the company to buy back up to $3 billion of its outstanding common stock. The program is set to run until December 26, 2026.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 1:48 pm

AGLE

Aeglea BioTherapeutics has changed its name to Spyre Therapeutics and will trade under the symbol 'SYRE' starting November 28, 2023. The company appointed Cameron Turtle as CEO and added industry veterans Jeffrey Albers and Laurie Stelzer to its Board of Directors. Spyre is expanding its leadership team to develop therapeutic combinations for IBD, with lead programs SPY001 and SPY002 entering clinical studies in 2024. The company has a financial runway into 2026 with $205 million in cash and equivalents as of September 30, 2023.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 1:42 pm

FG

UIS

Unisys Corporation (NYSE:UIS) has transferred a portion of its U.S. pension obligations to F&G Annuities & Life, Inc. (NYSE:FG) through the purchase of group annuity contracts worth $250 million. This move, which affects about 3,900 retirees, is part of Unisys's strategy to reduce pension liabilities and volatility without impacting retirees' payment amounts or timing. The transaction will result in a one-time, non-cash, pre-tax settlement charge of approximately $244 million for Unisys, but will not affect the company's cash position.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 1:39 pm

PGY

Pagaya Technologies LTD. (NASDAQ:PGY) has closed its fourth auto asset-backed securitization (ABS) deal of 2023, named RPM 2023-4, bringing its total auto issuance to $1.4 billion and overall ABS transactions to $6.3 billion for the year. The deal, rated by Kroll Bond Rating Agency, includes loans from a top 4 US auto captive and reflects Pagaya's growing network and investor demand. Pagaya's AI-driven financial products have attracted over $18 billion in ABS transactions since 2018, with a network of 90+ institutional investors.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 1:38 pm

VLO

Valero Energy Inc. (NYSE:VLO) has seen a 0.37% drop in the current session, trading at $124.50. Over the past month and year, the stock has decreased by 1.80% and 7.76%, respectively. Valero's P/E ratio of 4.26 is lower than the industry average of 11.56, which could indicate potential undervaluation or weaker growth prospects. Investors are advised to consider P/E ratios among other financial metrics and qualitative factors for a comprehensive analysis.

Portfolio Pulse from Benzinga Insights

November 27, 2023 | 1:30 pm

CCI

Crown Castle shares have risen following news that activist fund Elliott Management has acquired a $2 billion stake in the company. Elliott has proposed operational improvements to enhance value.

Portfolio Pulse from Luke J Jacobi

November 27, 2023 | 1:27 pm

WHLR

Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR) anticipates issuing unregistered common stock to fulfill Series D Preferred Stock redemption requests due to insufficient registered shares. The decline in WHLR's stock price and high volume of redemptions are cited as reasons. The company intends to register the unregistered shares later.

Portfolio Pulse from Benzinga Newsdesk

November 27, 2023 | 1:23 pm